Thursday, August 23, 2007

Wanna save a buck?

People think I'm nuts when I mention "pre-need" but you need to do it, all of us do.

Hypothetical situations:

I have a 5 year old son who will drive someday, probably when he's 16 or 17.

My wife and I can't afford it now but some day we would like to buy a house; will we ever have enough?

My 8th grade daughter says she wants to be a doctor so I can count on at least 10 more years of tuition.

I'd better get renters insurance in case this apartment ever burns down and I lose everything.

We'd like to go to Europe for our 25th anniversary but who can afford it? Prices just keep going up and up.

...oh, and I guess I might die someday too ( want to lay odds?). I wonder if I should even bother taking care of that or should I just leave it to who's left? That is if there is anyone left.

Of the things I've mentioned above, some might be concerns of a few of us, some may not apply to us at all and some may seem far fetched but let me continue...What car dealership do you know of that will sell you a car at today's prices and deliver a brand new one in 10 years when the actual cost might be 5 times as much as today? Do you know of a builder that will sell you a house at today's market prices, and will take payments, but build it in 15 years at no additional cost to you? I don't think I know of any schools that will accept your tuition today and promise your child the education you paid for in 10 or 15 years. Why do we get insurance? To pay for something that "might" happen in the future? If I can't afford a trip now what makes me think that I'll be able to afford one in 18 years when the prices have skyrocketed in comparison to today. If I could only buy it, lock in the price and pay it off a little at a time. All of these maybes and what ifs may or may not happen...BUT...We're all going to die, I'm certain. Do you think that today's cost of whatever type of funeral you want is going to be the same 9 or 49 years from now? Fat chance. Pre-Need, it's simple - you select what you want today, pay for it today or in payments and you are guaranteed the same as you've selected today in 9, 23, 30, 45 years...at no additional cost. Where else can you do this? Why would you want to do it? You can't do it anywhere else that I can think of and I would want to do it now because if nothing else, death is inevitable and let the funeral director worry if he can do it without taking a loss; and don't worry he has to; it's the law.

6 comments:

Actually you should - some Medical Institutions will pay for transportation of the deceased to their facility and others won't. You need to select the School or Institution that you want to donate to and contact them - let them know your intentions. If they don't provide for the transport contact a Funeral Director and lock in the price for the transportation. It may sound foolish but even if they pay for it, putting it on a contract will guarantee you that someone else doesn't decide that you should be buried or the like. Something to think about. As you know, age doesn't matter.

It's amazing how fast prices rise! I was saving up for perpetual care for a gravesite of a loved one, and I almost had it but by then it was the next period and the price doubled! I had to borrow some money to pay the new perpetual care price before it doubled again.

These days (showing my age) it's really difficult to attach a dollar amount to anything we want to save for because as you pointed out by the time we have the money the price has jumped to the point of having to save again. Sad scenario but until incomes start to rise at the same ratio as costs I think we'll always have this problem; and probably always did.

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